A person holds a gold coin at a jewelry store in Hanoi. Photo by VnExpress/Ngoc Thanh
Vietnam gold price barely changed Thursday morning as bullion declined in value globally as investors waited for a clearer direction from the U.S. Federal Reserve.
Saigon Jewelry Company gold bar inched up 0.17% to VND120.9 million (US$4,612.74) per tael.
Gold ring increased by 0.34% to VND117.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold has risen 43.5% since the beginning of the year.
Globally gold fell on as investors held back from making significant bets, awaiting the U.S. payroll data later in the day for insights into the Federal Reserve’s policy direction, Reuters reported.
Spot gold lost 0.3% to $3,346.47 per ounce, while U.S. gold futures edged down 0.1% to $3,357.20.
Gold appears to be consolidating at present within $3,320 to $3,360 range, with the market adopting a wait-and-see approach ahead of U.S. Non-Farm Payroll and ISM Services PMI data, rather than taking significant positions, OANDA senior market analyst Kelvin Wong said.
Data released by ADP showed U.S. private payrolls dropped by 33,000 jobs in June, marking the first decline in more than two years, as economic uncertainty hampered hiring. Meanwhile, low layoffs continued to anchor the labor market.
Investors are now awaiting the non-farm payrolls report on Thursday, which is expected to show an addition of 110,000 jobs in June, down from 139,000 in May, according to a Reuters poll.
